Aukera Energy reaches financial close on 340 MWh BESS in Belgium

Aukera Energy has reached financial close on its 170 MW/340 MWh Project Volt BESS project in La  Louvière, Belgium.

Developed as a joint venture with Weerts Group, total debt facilities of €97.5 million ($113 million) have been signed for the project ahead of an expected commercial operation date in mid-2027.

The 340 MWh installation is Aukera’s first battery storage project in Belgium and is among the largest BESS assets currently in construction in the country.

Project Volt has already secured a 15-year contract in Belgium transmission system operator Elia’s Y-4 capacity remuneration mechanism. The auction held in fall 2025 was oversubscribed, with existing CCGT plants displacing newbuild BESS capacity, however the Project Volt BESS was able to secure a long-term, bankable agreement that has attracted local investors.

Senior debt for the project is being provided by BN AMRO Bank N.V. and Triodos Bank as co-lead arrangers and bookrunners, with ABN AMRO also acting as structuring bank, hedging bank, account bank and agent.

Junior debt is provided entirely by Belgian institutional investors, according to Aukera, with I4B acting as lead junior lender, alongside Wallonie Entreprendre and SOCOFE. The developer also noted that the transmission-connected project will use a 150 kV transformer supplied by local manufacturer Pauwels.

Aukera has said Project Volt will be the first in what it intends to be a “significant Belgian portfolio.” The developer said the project shows that bankable, large-scale battery storage can be delivered in Belgium through a combination of long-term capacity market revenues, innovative financial structures and domestic institutional investment.

Pascal Emsens, co-founder of the Brussels-headquartered Aukera, said Belgium has become one of Europe’s most credible markets for battery storage – anchored by Elia’s capacity remuneration mechanism and support from the local financial community.

“Volt is our biggest BESS in Belgium, but it is intended as the start of a much larger commitment. We are proud to progress it with Belgian partners across the value chain. This is our home and we are here to build,” Emsen said.

Louise Brimont, impact relationship manager at Triodos Bank, said the transaction demonstrated the “growing bankability” of large-scale storage assets.